A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.
History: 1978 Comp., § 45-6-221, enacted by Laws 1992, ch. 66, § 30.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 6 - Nonprobate Transfers
Part 2 - MULTIPLE-PERSON ACCOUNTS
Subpart 3 - Protection Of Financial Institutions
Section 45-6-221 - Authority of financial institution.
Section 45-6-222 - Payment on multiple-party account.
Section 45-6-223 - Payment on POD designation.
Section 45-6-224 - Payment to designated agent.